Brainworks_Capital_Management_2012_Annual_Report

2012 FINANCIAL STATEMENTS
NOTES TO THE FINANCIAL STATEMENTS
AS AT 31 DECEMBER 2012
39
2012 MOVEMENT 2011
US$ US$ US$
16. DEFERRED TAX
Deferred tax arising from:
Fair value on listed investments (22 682) (21 058) (1 624)
Fair value on unlisted investments (26 167) - (26 167)
Leasehold improvements (226) (93) (133)
Property and equipment (3 116) (777) (2 339)
Tax loss 522 628 276 952 245 676
DEFERRED TAX ASSET 470 737 255 024 215 413
Leasehold Motor Computer Office Furniture
improvements vehicles equipment equipment & fittings Total
US$ US$ US$ US$ US$ US$
17. PROPERTY AND EQUIPMENT
COST
Opening balance 5 500 16 150 10 032 16 748 31 944 80 374
Additions - - - 100 4 701 4 801
DEPRECIATION
5 500 16 150 10 032 16 848 36 645 85 175
Opening balance (367) (1 884) (1 286) (2 119) (4 345) (10 001)
Charge for the period (737) (3 228) (2 004) (3 370) (6 750) (16 089)
ACCUMULATED DEPRECIATION (1 104) (5 112) (3 290) (5 489) (11 095) (26 090)
NET CARRYING AMOUNT 4 396 11 038 6 742 11 359 25 550 59 085
As at 31 December 2012
NET CARRYING AMOUNT 5 133 14 266 8 746 14 628 27 600 70 374
As at 31 December 2011
NOTE 31-DEC-12 31-DEC-11
US$
US$
18. BORROWINGS
ABC Holdings Limited 18.1 1 818 112 1 562 458
Ecobank Transnational Incorporated (ETI) 18.2 3 688 000 3 364 444
Ever Prosperous Worldwide 18.3 6 139 398 -
Metbank short-term facility 18.4 700 000 -
Deferred payments 18.5 114 086 340 000
12 459 596 5 266 902
BRAINWORKS CAPITAL MANAGEMENT (PRIVATE) LIMITED
2012 ANNUAL REPORT